Core Viewpoint - NIO's financial performance is under pressure due to its battery swap model, which has led to significant losses, while the company anticipates a 13% revenue growth in Q2 2025 driven by increased vehicle deliveries and product diversification [1][20]. Revenue Growth - In 2024, NIO's total revenue is projected to reach 65.73 billion yuan, representing an 18.2% year-on-year increase, primarily due to a significant rise in delivery volumes and optimized product structure [1]. - NIO delivered 221,970 vehicles in 2024, marking a 38.7% increase compared to the previous year, which directly contributed to the growth in automotive sales revenue [1]. Product Diversification - NIO continues to expand its product line to cater to diverse consumer needs, covering various market segments from compact SUVs to luxury sedans, with price ranges from 300,000 to 800,000 yuan [4]. - Key models like ES6 and EC6 have gained widespread consumer recognition due to their performance, comfort, and advanced technology, significantly driving revenue growth [5]. Profitability Challenges - NIO is facing ongoing losses, with a projected net loss of 22.4 billion yuan in 2024, an increase of 8.1% year-on-year, equating to over 60 million yuan in daily losses [6]. - High research and development costs reached 13.037 billion yuan in 2024, primarily focused on core areas such as autonomous driving and battery technology, which are expected to enhance product competitiveness but are unlikely to yield short-term profitability [6]. - Selling, general, and administrative expenses rose to 15.74 billion yuan in 2024, a 22.2% increase, driven by significant investments in marketing, brand building, and sales channel expansion [6]. Battery Swap Network Costs - The construction and operation of NIO's battery swap network have incurred substantial costs, with losses from the battery swap business amounting to 3.12 billion yuan in 2024 [9]. - As of the end of 2024, NIO had established over 2,300 battery swap stations, but the average daily service frequency per station was only 32, while breakeven requires 50 services per day [9]. Market Position and Competition - In Q1 2025, NIO maintained a growth trajectory with 42,094 vehicle deliveries, a 40.1% year-on-year increase, although its industry ranking fell to eighth place amid fierce competition [10]. - The NIO brand delivered 27,313 vehicles in Q1 2025, while the newly launched brand, Lido, contributed 14,781 vehicles, indicating a growing market presence [11]. Future Product Launches - NIO's Lido brand flagship SUV, Lido L90, is set to launch in Q2 2025, with pricing starting at 265,800 yuan for the six-seat version [16]. - The Lido L80, expected to launch in Q4 2025, aims to compete in the family vehicle segment, while the third-generation ES8 will also debut in Q4 2025, featuring significant technological upgrades [17].

每经评论员 付克友 最近两天，一段蔚来创始人李斌被怼的视频在网络疯传。视频来源于日前，蔚来用户面对面活动上，一 位苏州老车主对着李斌，来了长达数分钟毫不留情的"输出"。场面有些尴尬，李斌手上那瓶水都快被捏 变形了。 用户的不满像机关枪："一代车的8155座舱一年时间没有有效更新""二代车辅助驾驶领航换电到现在还 没交付""推荐另一个车主买车，结果买完就降价了""软件系统上开发一代，抛弃一代，落后一代""保值 率还不如倒闭的高合"…… 面对怒气冲冲的客户，李斌照单全收，很耐心地回应：智能电动汽车行业就是更新频繁，半年、一年就 要更新，两年就算慢的了；老车型硬件很快达到上限，安全性更新还会有，必要功能做维护；一代用户 基数相对小，资源会倾斜分配给用户基数更大、更新的车型…… 都是推心置腹的实话实说，但再谦卑的感情，也不能替代实实在在的利益。 这不是蔚来独有的问题，而是整个新能源车行业的现实困境。当前，汽车正从以前的耐用消费品属性， 向电子消费品属性转变。传统用户5~8年的资产保值预期，与智能电车1~2年的迭代周期严重错位，形 成了行业性的价值断层。在技术快速迭代的浪潮中，如何平衡老用户权益与企业生存发展，不仅是车 ...

Financial Performance - In Q1 2025, the company reported revenue of approximately 120.3 billion, a year-on-year increase of over 21% [1] - The automotive gross margin was 10.2%, compared to 9.2% in Q1 2024 and 13.1% in Q4 2024 [4] - The total revenue for Q1 2025 was 120.3 billion, with a gross profit of 919.6 million, reflecting a gross margin of 7.6% [3] Delivery and Sales - The company delivered approximately 42,100 new vehicles in Q1 2025, a year-on-year increase of 40.1% [2] - The expected total delivery volume for Q2 2025 is projected to reach between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7% [1] Cost Control and Efficiency - The company has implemented a series of cost control measures starting from Q1 2025, including organizational restructuring and cross-brand integration [1] - The CFO stated that the company aims for structural improvement in overall cost efficiency starting from Q2 2025 [1] Future Outlook - The company anticipates achieving positive free cash flow within the year, with significant improvements in operational cash flow expected in Q2 2025 [4] - The founder expressed confidence in achieving profitability by Q4 2025, supported by new product launches and cost reduction efforts [5][6] Product Development - In 2025, the company plans to launch nine new models across its three brands, with six already released [5] - The third-generation ES8 is scheduled for release in Q4 2025, while two additional models from the LeDao brand are expected to launch in Q3 and Q4 2025 [5] Global Expansion - The company has shifted its global market entry strategy to partner with local firms rather than relying solely on direct sales [9] - Currently, the company has established partnerships in 15 markets and plans to continue expanding its global presence [9]

2025年是蔚来产品发布的大年。蔚来计划发布9款车型。据李斌介绍，除乐道L90和乐道L80外，蔚来第三品牌firefly萤火虫的 首款车型将在4月29日开启交付；蔚来品牌的新款ET5、ET5T、ES6、EC6将于今年第二季度上市；第三代ES8将于今年第四季 度发布。 李斌表示，蔚来、乐道、firefly萤火虫三个品牌将覆盖不同市场区间，满足更广泛的用户需求。 每经记者 李星 每经实习编辑 余婷婷 在4月23日开幕的2025上海车展上，蔚来携旗下三大品牌（蔚来、乐道、firefly萤火虫）亮相。其中，乐道旗下第二款车型 ——乐道L90首发亮相。 据悉，定位为智能大空间旗舰SUV的乐道L90，采用了蔚来旗舰车型ET9同款电机，单电机功率为340kW，四驱版本综合功率 为440kW。"乐道L90将于今年第三季度上市交付。"蔚来董事长、CEO李斌表示。 作为承担走量品牌的乐道汽车，首款车型乐道L60上市至今，累计销量超3万辆。"乐道L60虽然销量没达到预期，但卖得并不 差。6个月卖了3万多辆，在SUV市场还是比较能打的。"蔚来联合创始人、总裁秦力洪称，乐道L60的销量相比产品力有点偏 低，接下来会进行提升。 按照规划 ...